Plasma picture will shit on any other type of TV in similar price range.
I have a plasma in the living room, and the difference is massive between that and the other LCD/LED I have in other rooms.
I would spend the extra few hundred and bump the budget up to $1300 or so, the difference is huge.
If you want that size screen for that much money you are going to get a lower rung model.
For the money you won't find a better TV than this line from Panasonic...
http://www.amazon.com/Panasonic-VIER.../dp/B00752VKSC
They have all different sizes. I am in the market for a new huge 60-65 for my living room but after researching I decided to wait until I could afford a better model, there are big differences you won't realize initially in quality and other features. Most of the cheap bang for buck models are frought with issues in one way or another.
I was (and am) very close to pulling the trigger on that Panasonic.